Trading Statement

RNS Number : 1973C

CVS Group plc

18 January 2018

 

This is a repeat of RNS 1892C in its original form

CVS Group plc ("CVS" or the "Group")

Trading Statement

CVS, the UK's leading provider of integrated veterinary services, is pleased to provide the following update on headline trading in respect of the financial half-year ended 31 December 2017 ("H1 2018").

In H1 2018, the Group's like-for-like sales¹ grew by 5.6% compared to the same period last year (after adjusting for one less trading day compared to the half year ended 31 December 2016).

The strong growth in sales of Animed Direct has continued. Excluding Animed Direct, like-for-like sales for the Group grew by 3.0%.  This figure is a marked improvement on the figure observed at the time of the Group's November update for the 4 months to 31 October 2017, which reflected a particularly strong performance in the comparative period in 2016.  The recovery primarily reflects stronger like-for-like trading in November and December.

Since the start of the current financial year on 1 July 2017, up to the date of this statement, the Group has made a total of 29 acquisitions of 30 surgeries bringing the total number of surgeries to 453. The total consideration for the above acquisitions was approximately £28m.

Acquisitions since the AGM update on 30 November 2017 are:

Practice name	No. of sites	Main locations	Region & Country	Business
Ruddington Vets	2	Ruddington, East Leake	E. Midlands	Small animal
Victoria Veterinary Clinic	1	Bristol	S.W. England	Small animal
Dierenartsenpraktijk NordOostpolder	1	Emmelord	The Netherlands	Farm animal, small animal & equine
Beacon	2	Aspatria, Silloth	N.W. England	Farm animal, small animal & equine
Wessex Equine	1	Thornhill	S.W. England	Equine
Dierenkliniek Sneek	2	Sneek, St. Nicolaasga	The Netherlands	Small animal

The pipeline of acquisitions remains strong and CVS expects to continue to complete acquisitions in the UK and the Netherlands throughout this year and beyond.  Our diverse, integrated model means that acquired businesses not only contribute towards our continuing success, but also benefit from being part of a larger integrated group better able to serve customers' needs.

Note: 

1.        Like-for-like sales data comprise revenue generated from all operations compared to the prior year and includes revenue from acquired businesses with effect from the date and month in which it was acquired during the previous year

This announcement is released by CVS Group plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"), encompassing information relating to the trading statement described herein, and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Nick Perrin, Financial Director.

Contacts:

CVS Group plc                                                                                               01379 644 288

Simon Innes, Chief Executive

Nick Perrin, Financial Director                                                                                         

N+1 Singer (Nominated Adviser & Broker)                                      020 7496 3000

Aubrey Powell

Liz Yong

James Hopton                                                                                                                         

 

END

 

 

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